Real Estate and Mortgages - Chapter 12 Flashcards Preview

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Flashcards in Real Estate and Mortgages - Chapter 12 Deck (10):
1

Baby Step 6
-Pay off your home _____.

Early

2

When selling a home, you should think like a _____.

Retailer

3

Home ownership is a great investment for three main reasons.
1.) It's a _____ savings plan
2.) It's an _____ hedge.
3.) It grows virtually _____.

Forced - Inflation - Tax-free

4

Homes appreciate in good neighborhoods and are priced based on three things: _____, _____, ______.

Location - Location - Location

5

What Not To Buy
1.) _____ or _____
2.) _____

Trailers - Mobile Homes
TimeShares

6

First remember to _____ debt.

Hate

7

The best mortgages are the _____ down plan.

100%

8

There is nothing wrong with _____ for a little while. This demonstrates _____ and wisdom.

Renting - Patience

9

Horrible Mortgage Options
1.) _____ were brought on with the advent of high-interest rates in the early 1980's.
2.) _____ Mortgages
3.) _____, or Bi-Weekly Payoff

Adjustable Rate Mortgages
Reverse
Accelerated

10

Basic Ways to Finance a Home
1.) _____, usually through FNMA and privately insured against default.
2.) _____, which is insured by HUD–the federal government
3.) _____, which is insured by the Veterans Administrations.
4.) _____ financing is when you pay the owner over time, making him/her the mortgage holder.

Conventional
FHA
VA
Owner